On February 19, the Government of Ontario passed two amendments to Bill 145, the Trust in Real Estate Act (“TRESA”) at Committee that address two major concerns of REALTORS®: new regulations on advertising and reducing standard forms red tape.
New Regulations on Advertising, re: Salesperson and REALTOR®
First, OREA asked that the term “salesperson” in REBBA be replaced with the term that more accurately reflects the role that REALTORS® play when representing consumers during one of the most important financial decisions of their lives.
The Minister of Government and Consumer Services has committed to bringing forward a regulation to permit registrants to use the terms “REALTOR®” or “real estate agent” in their advertising to consumers. The Minister will amend this regulation to permit the use of REALTOR® or agent in addition to salesperson.
Reducing Standard Forms Red Tape
The second amendment clarifies that only specific forms enshrined in regulation may be approved by RECO. Every year, countless changes to Standard Forms are required to ensure that they accurately reflect the real estate landscape in the province. The Minister noted it is her preference that both OREA and RECO work together to strengthen buyer and seller representation agreements. This change will avoid additional red tape and ensure that necessary changes to OREA’s Standard Forms are made in a timely manner.
Please note that none of these changes have yet to be passed into law.
The next steps for TRESA is a third reading back in the Legislature, final passage and proclamation. It is also important to note that most sections of the Act will require supporting regulations before they come into effect.